China’s ICBC full-year net profit rises 10.2% in 2013

The Industrial and Commercial Bank of China (ICBC), the country’s biggest lender by assets, said its net profit rose 10.2% last year, amid “still-complicated” global economic situation. The bank, a symbol of the nation’s financial might, reported in a filing to the Hong Kong Stock Exchange that its 2013 net profit to be 262.97bn yuan ($42.32bn), compared to 238.69bn yuan in 2012. “In the face of still-complicated economic situations at home and abroad...profit continued to grow steadily,” the bank, which is listed both in Hong Kong and Shanghai, said in the filing. The results were “hard-earned”, it said however. China’s economy grew 7.7% last year, the same as in 2012 - which was the slowest rate since 1999. The bank’s net interest income grew 6.1% to 443.34bn yuan, and net fee and commission income rose 15.3% to 122.33bn yuan. The bank said the latest growth, which slowed from 15% recorded in 2012, was achieved thanks to increased interest income, steady expansion and cost reduction.